10th September 2019 – Global Smart
TV Market size is expected to reach USD 292.55 billion by 2025. A smart
TV is also known as “hybrid or connected TV”. It is a television set that could
be connected to the internet through Wi-Fi connection. Smart TV is a
technological union between computers and flat screen television sets and
set-top boxes. It provides complete home entertainment to the users and allows
to use all features donned by smartphones or computers. It offers various
features like internet accessibility, GPS system, storage capacity,
entertainment features such as music, movies& games, and ability to connect
other devices like smartphone or tablet.
Smart TV is integrated with internet
connection, which allows users to access popular websites including YouTube,
Hulu, Facebook, Amazon Prime, & Netflix. It provides a facility to record
TV programs. The Smart TV market is expected to witnesses a CAGR of 9.5% over
the forecast period as the scope, product types, and its applications are
increasing across the world.
The rising demand for 4K & HDR
resolution TVs ,increasing urban population, changing lifestyles, increasing
internet users, growing demand for internet connected multimedia devices,
rising disposable income of consumers, high investments in technological
advancements by industry players, increasing consumers’ inclination toward
high-tech devices, on-going TV network digitization, and rising marketing
strategy by key manufactures are the factors anticipated to boost the growth of
the market in the forecast period.
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However, high cost, lack of awareness
about the advancements in developed and under developed nations, rising
adoption of smartphones, personal computers or tablets are expected to
negatively affect the growth of the market in the forecast period. The market
is categorized, based on technology, component, resolution, screen size, screen
type, application, and geography.
Screen sizes that could be explored in
smart TV include below 32 inches, 32 to 45 inches, 46 to 55 inches, 56 to 65
inches, and above 65 inches. The “46 to 55 inches” display category is expected
to hold the largest market share over the forecast period. This growth may be
attributed to growing consumer preference toward large-screen displays, and
features such as high picture quality and high resolution with Dolby digital
sound.
Resolution such as 4K UHD TV, full HD
TV, HDTV, 8K TV, and others could be explored in smart TV, in the forthcoming
years. The “4K UHD TV” segment is projected to grow at the highest CAGR in the
forecast period due to their declining prizes and increasing demand. According
to CTA (Consumer Technology Association), the sale of 4K smart televisions is
growing because of HDTVs. Many companies have adopted the quantum dot
technology and the nanotechnology to improve the picture quality. The Smart TV
market may be classified into technology such as liquid crystal display, plasma
display panel, light emitting diodes, and organic light emitting diode.
Asia Pacific accounted for 30% share of
total market in 2016 and is anticipated to hold the largest market share in the
forthcoming years due to the presence of key manufacturers, increasing demand
for 4K UHD televisions by the end users, and growing disposable income of the
consumers. Similarly, consumers’ inclination toward branded products is
anticipated to boost the growth of the Smart TV industry in the years to come.
Japan and Korea are the major consumers and producers of the smart TVs.
Further, North America and Latin America are expected to follow the market in
the coming years.
The key players operating in the Smart
TV market are Sony Corporation, Koninklijke Philips N.V., LG ElectronicsInc.,
TCL Corporation, Hisense, Toshiba Corporation, Videocon Industries, Panasonic
Corporation, Onida Electronics, Samsung, Haier Group, Intel Corporation,
Microsoft Corporation, Apple Inc., Sharp Corporation, Boxee, Vizio Inc., TELE
Systems Electronics S.r.l, Nyxio Technologies Corporation, Logitech
International S.A., Yahoo Inc., and Advanced Micro Devices Inc. These market
players strongly invest in the expansion of their business and the development
to maintain a top position in the market. Also, these players concentrating on
new joint ventures, collaborations, agreements, and strategies to improve their
production facilities and gain a larger share in the market.
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